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Marathon Petroleum key statistics and ratios

In fiscal 2025, Marathon Petroleum had return on equity of 23.1% and a net margin of 3.0%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin1.0%1.0%3.0%4.1%2.1%2.6%4.0%1.9%4.6%3.2%2.4%−14.1%8.1%8.2%6.5%2.5%3.0%5.6%
Return on equity4.9%7.2%26.9%32.0%18.7%23.3%23.8%8.8%24.9%11.3%7.7%−35.2%40.2%53.8%37.1%16.3%23.1%47.0%
Return on assets—2.7%9.8%12.8%7.6%8.6%7.8%2.7%7.3%3.9%2.8%−10.7%11.4%16.6%11.0%4.2%5.0%9.6%
Effective tax rate34.5%39.1%35.8%35.2%34.3%33.4%34.4%33.4%−13.8%20.7%24.2%—9.4%21.9%20.1%14.9%16.2%19.3%
SG&A as % of revenue1.8%1.4%1.3%1.5%1.2%1.4%2.2%2.5%2.3%2.6%2.9%3.9%2.1%1.6%2.0%2.3%2.5%2.3%
Dividends ÷ net income——6.7%12.0%22.9%20.8%21.5%61.2%22.5%34.3%53.0%—15.2%8.8%13.0%33.5%28.2%13.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $94.3bn
Short-term assets $34.3bnLonger-term assets $60.0bn
What it owes, and who funded it · $87.7bn
Short-term liabilities $27.4bnLonger-term liabilities $41.2bnShareholders' equity $19.1bn
  • Short-term assets cover short-term liabilities $34.3bn of assets due within a year against $27.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $34.3bn short-term assets against $41.2bn of longer-dated liabilities.
  • More cash than debt $7.8bn of cash against $32.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 172% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 95% to 172% over five years.
  • A year's operating cash flow covers at least 20% of debt $17.1bn of operating cash flow against $32.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $14.1bn against $1.6bn of interest.

From Marathon Petroleum's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

59 /100

Moderate moat

How hard Marathon Petroleum's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.4% of total assets over 9 years.

  • Pricing power 6 / 20

    Gross margin has been a median 11.6%, moving by 3.6 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Operating margin has been a median 5.4%; its worst year was -9.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 54.3% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MPC vs VLOMPC vs PSXMPC vs WKC

More: Oil & Gas Refining & Marketing stocks compared, Energy sector, rankings of US companies

Figures from Marathon Petroleum's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Marathon Petroleum.